Attention all crypto traders! Ali Martinez, a prominent analyst followed by 69,000 on X, has just shared his latest insights on Ethereum (ETH), Bitcoin (BTC), and the DeFi altcoin Maker (MKR), and it’s time to pay close attention.
Let’s start with Ethereum, which is showing signs of a potential breakout. Martinez points out that Ethereum is forming an ascending triangle pattern on its charts. This could signal a move to new highs, but he also warns of a possible decline towards $2,430 if the breakout doesn’t happen as expected. For ETH to avoid this bearish scenario, it must close above $2,560. Currently, Ethereum is trading at $2,582, having gained 4% in the past 24 hours. Traders should keep a close eye on this critical price level to gauge the next move.
Switching gears to Bitcoin, Martinez highlights a potential correction on the horizon. According to the Tom DeMark Sequential Indicator, which helps traders identify potential reversal points, Bitcoin’s hourly chart is flashing a sell signal. This could mean a price dip might be coming soon. Bitcoin has been caught in a cycle of alternating bullish and bearish trends since August, and this latest signal suggests a bearish flip could be imminent. Bitcoin is currently priced at $60,742, also reflecting a 4% gain over the last day.
Finally, let’s talk about Maker, the DeFi platform behind the stablecoin DAI. Despite its recent rebranding to SkyEcosystem, Martinez is skeptical about any positive impact on its outlook. He notes that MakerDAO’s daily chart shows a bear flag pattern with a potential target price of $1,290. Given that MKR is currently trading at $1,827—a 1.4% drop in the last 24 hours—a further decline to Martinez’s target would represent a significant 30% drop.
For traders, these updates are crucial. Ethereum might be poised for a breakout, but caution is advised. Bitcoin could face a correction soon, and Maker’s bearish outlook suggests a possible downturn. Keeping an eye on these indicators and price levels could be key to navigating the current crypto market volatility.
